The Global Integrated Monetary and Fiscal model (GIMF) is a multi-region, forward-looking,DSGE model developed at the International Monetary Fund for policy analysis and internationaleconomic research. This paper documents the incorporation of corporate income, cash-flow anddestination based...

Using quarterly data for the period 1985:1-2011:1, this paper uses a stylised, open economy, structural VAR model to identify the types of shocks responsible for macroeconomic fluctuations in the UK economy. The stylised model implies a set of short-run restrictions that allow for the...

The Federal Reserve has become a Supra-National Central Bank with Monetary Policy Effects on foreign equity markets that exceed the host country’s domestic central bank policy. In this paper we utilize macroeconomic data to demonstrate an outsized effect on domestic equity markets by Federal...

The recent financial crisis and ensuing recession appear to have put the productive capacity of the economy on a lower and shallower trajectory than the one that seemed to be in place prior to 2007. Using a version of an unobserved components model introduced by Fleischman and Roberts (2011), we...

A dynamic stochastic general equilibrium (DSGE) model tailored to the Thai economy isused to explore the performance of alternative monetary and macroprudential policy ruleswhen faced with shocks that directly impact the financial cycle. In this context, the modelshows that a monetary policy...

We introduce a prototype agent-based model of the macroeconomy, with budgetary constraints at its core. The model is related to a class of constraint satisfaction problems (CSPs), which has been thoroughly investigated in computer science. The CSP paradigm allows us to propose an alternative...

We discuss the impact of a COVID-like shock on a simple toy economy, described by the Mark-0 Agent-Based Model that we developed and discussed in a series of previous papers. We consider a mixed supply and demand shock, and show that depending on the shock parameters (amplitude and duration),...

This paper introduces a model-based measure of the equilibrium federal funds rate and examines the indicator properties of the spread between observed and equilibrium rates. The results are compared to the findings of the existing literature, which implicitly uses long-term interest rates as...

The interaction of monetary and fiscal policies is a crucial issue in a highly integrated economic area as the European Union. We argue that EMU, which introduced a common monetary policy and restrictions on fiscal policy at the national level, increases the need for macroeconomic policy...

This paper analyzes the problem of designing macroeconomic stabilization policies within the European Monetary Union (EMU) as a dynamic game between a centralized monetary authority, the European Central Bank (ECB), and national fiscal policy makers. Non-cooperative feedback Nash equilibrium and...